Legal Aspects of Business MCQ Questions and Solutions with Explanations | Commerce

A. fitness for buyer's purpose

B. sale under a patent or trade name

C. usage of trade or consent by fraud

D. All of the above

A. electronic cheque

B. electronic image of a truncated cheque

C. Both A and B

D. Neither A nor B

A. Tie-in-arrangement

B. Exclusive supply agreement

C. Exclusive distribution agreement

D. Refusal to deal

A. To write off goodwill out of retained income is neither a source nor an application of funds

B. To declare dividend on equity share capital is an application of funds

C. To issue bonus shares is not a source of funds

D. Payment to creditors does not affect the amount on net working capital

A. Applications for information

B. First appeal

C. Second appeal

D. All of the above

A. 12 months from the date of its incorporation

B. 12 months from the date of commencement of business

C. 18 months from the date of its incorporation

D. 18 months from the date of commencement of business

A. a public company

B. a private company

C. Both A and B

D. None of these

A. Seven Directors

B. Three Directors

C. Two Directors

D. One Director

A. Only on clear verbal communication of such proposal, acceptance or revocation

B. By any act or omission of the party by which he intends to communicate such proposal, acceptance or revocation or has the effect of communicating it

C. Only when the proposal, acceptance or revocation of the proposal is recorded in writing

D. Only when the proposal, acceptance or revocation of the proposal is received and understood by the other party receiving the information

A. Negotiation requires delivery only to constitute a transfer, whereas assignment requires a written document signed by the transferor

B. Consideration is always presumed in the case of transfer by negotiation. In the case of assignment consideration must be proved

C. In case of negotiation, notice of transfer is not necessary, whereas in the case of assignment notice of the transfer must be given by the assignee to the debtor

D. All of the above